en.coinotag.com
Bybit Resumes Operations in India Amid Potential Easing of Crypto Regulations
-
Bybit has made a strategic return to India’s crypto market following local regulatory compliance and the resolution of past fines.
-
With influential voices advocating for more favorable crypto regulations, Bybit is stepping up its engagement in the local blockchain ecosystem.
-
According to a company statement, “Bybit is committed to operating within the regulatory framework of India and takes its compliance obligations seriously,” signaling their intent to align with local laws.
Bybit resumes operations in India, complying with regulations after a $1 million fine. The exchange engages with local crypto communities for future growth.
Bybit Returns to India: A New Beginning for Crypto Trade
After a brief hiatus from the Indian market, Bybit, one of the leading global cryptocurrency exchanges, has resumed its operations following compliance with local regulations. The exchange had previously halted trading services due to evolving regulatory requirements that demanded licensing and a significant monetary penalty.
In response to these requirements from India’s Financial Intelligence Unit (FIU-IND), Bybit has successfully registered and settled a $1 million fine. This move highlights their commitment to adhering to India’s Prevention of Money Laundering Act and related regulations, allowing them to re-establish services in a country viewed as a burgeoning crypto market.
Engagement with Local Initiatives and the Web3 Community
Alongside compliance efforts, Bybit is actively engaging with the Indian crypto community by joining the Bharat Web3 Association and collaborating with various university blockchain societies. These endeavors are part of their strategy to strengthen ties with the local ecosystem and foster awareness of crypto assets.
As Bybit’s CEO noted via social media, the firm’s return is a promising sign for India’s evolving stance on crypto. The Indian government has previously shown a mixed approach to cryptocurrency, with significant concerns over regulation and taxation. However, recent comments from Indian officials hint at a potential shift towards a more favorable regulatory environment.